Almost maxxed out

desperado1973

There is no public transport servicing my place of work. It is in rural Dorset and I work shifts, start at 6:45 on earlys finish 22:00 on lates.

A 12 year old car needs more maintenance the £42 is based on £500 paid last year.

I already know that I need to increase my income and decrease my expenditure. That's pretty straight forward.

I have failed. For 4 years I have failed consistently and now....

Once I go bankrupt the £400 that I am currently spending on credit card minimum payments will be used to cover all food, transport, clothing and other costs. the other £1000 income will pay housing costs. There will be nothing left over to pay towards the debt.

Mikazaru

Even before the debt repayments, you don't have enough money for you outgoings so some cuts would need to be made, can you move to a one bed place? Would save on the rent and possibly the council tax.
There's a potential large saving in the grocery budget to be made, car insurance also seems high for one car do you shop around and use cashback sites?

rising_from_the_ashes

You do not need to go bankrupt - a DMP should be possible

hojkoff

I knew that there would be more to this story than was on your first post.

I'll reply to what you've said bit by bit. Also please don't take anything as an attack on yourself, we've all been in dept here, we all know how it feels, and we all need help now and again.

I understand this will be problematic, particularly if BR is best outcome

BR is never the best outcome, it's the last outcome. Despite what you think, you are not at that stage yet.

my partner has no job and cannot claim individually for benefits as they are my partner?

not even job seekers allowance? are you sure? I would defiantly double check this, I find it hard to believe. Your partner isn't working tomorrow, send them to the job centre to find out, they should be going there anyways to look for a job.

they are totally dependent on me.

NO
THEY
ARE
NOT!

Unless they have a broken neck and are in a wheelchair then no they most certainly are not.

They have 50% of the responsibility to this relationship and to this dept. They helped rack up the dept, now they can help solve it.

Minimum wage is ~£6.10 x 20 hours part time/36 full time x 4 weeks in a month ~£500/£900 per monthPOST TAX

Are you telling me that's not going to help? Yes the work will be !!!!, but worse than BR? NO!

Please do not write back and tell me that they can't even get that, because they can. Even work in a bar or as a cleaner. Needs must and all.....

They can't expect you to shoulder all this on your own can they? I think you need to have a very stern chat with them. They must get some sort of income.

When I was 25 I would work 90 hour weeks, now I am 50 I struggle to do my 40 hours

Whilst your partner does nothing. You bust a gut to slog it out during the week only to be falling further and further into they hole as their relationship with Jeremy Kyle gets stronger. Talk about not pulling rank. This is OUTRAGEOUSLY unfair. They need to get a job, even something at minimum wage, even a paper round for christ sake.....

THE JOBS ARE OUT THERE! You may have to lower your standards.

Now you have 2 problems,

1. Outgoings > Income
2. Your other half doesn't/won't work, as I say even minimum wage at part time would EASILY put out balance sheet pointing North.

I said in my first post that the solution to your problem is not BR.

Well now I know the answer, YOUR OTHER HALF GETS A JOB!

I also said that you should stop spending money on cloths, might have been wrong there.

heathcote123

desperado1973 wrote: »

Thanks for your quick replies.

Further information.
Myself and my partner have been living together for 5 years and the expenditure is joint. The income is from my job and our tax credits so is also joint income. I understand this will be problematic, particularly if BR is best outcome, but see no way to separate it while my partner has no job and cannot claim individually for benefits as they are my partner? they are totally dependent on me.

I lost my well paid job in 2007 and have not been able to get another, after 3 years of not even getting rejection letters I have therefore been forced to take a lower paid job . My partner has been unable to get any employment since loosing their job in 2008.

...

I hate to sound harsh, but 3 years is a long time for your partner not to find a job. Even a minimum wage one would make the world of difference to your finances. Obviously I don't know your situation, and there may be reasons, but thats where I'd start looking to get it resolved.

Re bankruptcy, sound like a pretty good option for you. Obviously not so much for the companies that lent you the money, the people that work for them, the pension funds, savers & investors who's money it was. But thats not your problem I guess.

hojkoff

Mikazaru wrote: »

Even before the debt repayments, you don't have enough money for you outgoings so some cuts would need to be made, can you move to a one bed place? Would save on the rent and possibly the council tax.

I actually don't think that this rent could really be lower now. I assumed that it was double that, £575 per month for 2 people is very low.

£287.50 each if the other....oh I'm not going to say it again!

Amy, can I also ask what you both did pre credit crunch?

desperado1973

You bunch of self rightous bigots!

Sorry I asked. and NO I am not going to get a divorce!

tallyhoh

I think you have made your mind up that bankruptcy is your best option, I would then suggest that you go over to the bankruptcy board & try to get more information.
A friend of mine took this route & although it was a relief they did have to sell the car, their expenses were scrutinised & they were given "allowances" for such things as household shopping, anything left over had to be paid back to the creditors.
Please make sure you explore all your options before deciding.

Good Luck.

hojkoff

desperado1973 wrote: »

You bunch of self rightous bigots!

Sorry I asked. and NO I am not going to get a divorce!

desperado, that's not at all what anyone suggested, that will certainly not solve anything.

Look at the situation, you're work doesn't cover the bills, and you have a huge dept, you want to get out of it right?

The other person must help shoulder the cost. That is the easiest solution to this problem. They have a responsibility to help any way they can no matter how hard that may be, which may mean taking mind-numbing minimum wage work.

Based on that plan above each month, you fall £80 further behind. That's ~13 hours work an minimum wage, not even 2 days.

A divorce won't solve anything because you BOTH need to work together here to solve this.

Once you have a surplus of income, you can start to think about a debt recovery plan, right now though, you don't have the money to even pay into a DRP.

Please please please don't think that BR is a golden ticket to freedom, it isn't.

Mikazaru

People aren't being self righteous, they are trying to help and pointing out that bankruptcy isn't an easy way out. At the end of the day you spend more than you bring in and people are just suggesting ways to cut down your expenditure/up your income which are your two options.